Developing the creative economy

The creative economy is one of the fastest growing sectors worldwide. It is estimated to comprise as much as seven percent of the global economy, employing 144 million people. The wider arts sector obviously enriches our cultural and social lives, but there is growing recognition globally that it can play a vital role in economic development. So the arts should not be seen as a luxury or add-on in a society only available to those who can afford them. Film, music, literature and the visual arts are completely woven into the fabric of Irish life. Policymakers have to increasingly examine how best to harness the potential of the diverse sectors of the creative economy, both from the point of few of growing indigenous Small and Medium Enterprises (SMEs) and attracting inward Foreign Direct Investment (FDI).